NASA Federal Named Best Auto Refinance Lender of 2024 by CNN
September 11, 2024
Refinancing your car loan can help you save money each month and over the life of the loan, but with so many lending options, it can be overwhelming to narrow your search. After all, a wide variety of institutions offer auto refinancing, including banks, credit unions, online lenders and loan marketplaces. After exhaustive research and analysis, we’ve named NASA Federal Credit Union (NASA Federal) as the best auto refinance lender of 2024.
Why we picked it
NASA Federal Credit Union offers low rates and flexible repayment terms on traditional and cash-out auto refinancing. In fact, it also topped our list of the best auto refinance rates. It doesn’t have a specific minimum credit score needed to qualify, but this lender will review your credit history and debt-to-income ratio to make a lending decision. And since NASA Federal doesn’t charge upfront fees, you can refinance with no money out of pocket to maximize your savings.
Unlike many lenders that only refinance cars that are 10 years old or newer — and vehicles with fewer than 120,000 miles — NASA Federal doesn’t have such restrictions. However, if your car is older than five years, your APR will automatically be one percentage point higher (two percentage points if the car is older than 10 years).
To qualify, you must become a NASA Federal member. If you don’t work for NASA, the National Academy of Sciences or one of its 900 partner companies, you can qualify for credit union membership by joining the National Space Society. The credit union will cover your first year’s dues.
By Cassidy Horton, Katie Lowery, and Andrew Pentis, CNN Underscored Money
Published 12:01 PM EDT, Tue September 10, 2024
